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How do I contact CalPERS?
What is a benefit factor & a retirement formula?
What should I know before retiring from CalPERS?
How is my CalPERS benefit plan funded?
Dec 12, 2022 · To see your benefit factor for each quarter year of age, choose your retirement formula below. Each PDF includes two charts. The first chart shows how the benefit factor increases for each quarter year of age. The second chart shows the percentage of final compensation you will receive.
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888 CalPERS (or 888-225-7377). Reading the Retirement Formula Charts. We have included two charts related to the state miscellaneous and industrial retirement formula 2% at 62. The chart below shows how the benefit factor increases for each quarter year of age from 50 to 67.
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Understanding Your Retirement Formula. Your benefit factor, also known as age factor, is the percentage of pay to which you are entitled for each year of service. It is determined by your age at retirement and the retirement formula that applies to your classification.
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- How much money am I going to get? The answer is always, “Let’s run an estimate and find out.” Since you’re basing life decisions on these numbers, it’s a good idea to use the myCalPERS Retirement Estimate Calculator, which will give estimates based on your specific information.
- What’s the best day to retire? For each person, that magic date varies. There are three dates that may have a financial impact: fiscal year, birthday quarter, or cost-of-living adjustment (COLA).
- When will my benefits run out? Your lifetime benefits do not end when your contributions are exhausted.
- Can I get CalPERS health benefits in retirement? As a retiring member, you can only get the coverage that is offered through your employment, and you must apply for coverage within 120 days of the date of separation (the date you leave the CalPERS-covered job).
- Know Your Numbers
- Find Your Benefit Factor Chart
- Log in For Your Personalized Estimate
If you don’t know your retirement formula (or formulas from your past employment), you can log in to your myCalPERSaccount to see your formula on the home page under CalPERS Account Summary. You can also ask your employer. Your employer can also tell you if you have a 12-month or 36-month final compensation period.
Once you know your retirement formula, go to our Benefit Factor Charts webpage to select the chart for your formula (you can view, print, or save your PDF document). You’ll see how your benefit factor increases for each quarter year of age, and the percentage of final compensation you will receive. If you have multiple retirement formulas from diff...
Do you want a detailed retirement estimate that uses data your employer already reported to CalPERS? Then log in to your myCalPERSaccount to estimate your pension amount for different retirement options. You can generate a variety of scenarios and save them in myCalPERS for future reference.
10 months ago. The California Public Employee’s Retirement System, more commonly referred to as CalPERS, is the largest public pension fund in the U.S. For more than nine decades, we’ve built retirement and health security for California’s public servants.
Nov 7, 2023 · Home. Life Events. Retirement. Are you ready to retire? Discover the impact to your coverage and benefits. Retirement. Use the Retirement Estimate Calculator to get an idea of what your monthly benefit might be. You can access the calculator two ways: